He said such commitment must be demonstrated “especially as we approach the next test of our fragile democracy, the 2017 General and Presidential elections.”

The CBL Governor’s call was contained in a foreword message in the CBL 2016 Annual Report covering the period November 30, 2015 to December 31, 2016 released recently.

Weeks stated that in the wake of the fundamentals obtaining in the global economy, Liberia’s current macroeconomic challenges will persist in the coming year.

“In response, the CBL will remain committed to its aggressive financial sector reforms to foster monetary, credit and financial conditions that are conducive to the nation’s orderly, balanced and sustained economic growth and development,” he pointed out.

He assured that the bank’s interventions will prioritize effective coordination with the fiscal authorities and other stakeholders, restoration of its autonomy, and strengthening of its liquidity management framework to ensure sustained stability in the value of the Liberian dollar.

He added: “These interventions, however, are necessary but insufficient, in the medium to long term, to reverse the current economic downturn. More robust and transformative actions are needed to regain Liberia’s pre-2013 GDP growth levels.”

Weeks indicated that this will require a drastic shift away from the current over-reliance on primary commodity exports, toward a more diversified economy that places a premium on value addition.

He noted that in addition to the medium to long term programs, CBL prioritized its response to more immediate needs in the economy by replacing the significant proportion of the country’s bank notes in circulation outside of the banking system that are severely mutilated.

He said during the year, CBL worked with the National Legislature to arrange the printing of new bank notes to replace the soiled ones.

The new currency, which is gradually being circulated in the pre-existing denominations (L$5, L$10, L$20, L$50, L$100) with an additional L$500 note, contains high quality security features, such as an improved texture that enhances its durability, Governor Weeks stated.

He added that it also carries a special feature that aids visually impaired persons to distinguish between the six denominations.

According to Weeks, sustained public awareness campaigns initiated in 2016 will continue into the New Year, to promote the currency’s nationwide acceptance and proper valuation against the legacy notes and the U.S dollar.
LINA JGT/TSS/PTK